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Asset retirement obligations (ARO)
 9 Months Ended
Sep. 30, 2013
Asset retirement obligations (ARO)

8. Asset retirement obligations (ARO)

A reconciliation of the Company’s asset retirement obligations for the quarter ended March 31, 2013, is as follows:

 

Balance, December 31, 2012

    $ 647,268   

Liabilities incurred

      —     

Accretion expense

      50,034   

Revisions to estimate

      —     
  

 

 

  

Balance, September 30, 2013

      697,302   

Less current asset retirement obligations

      (112,804 ) 
  

 

 

  

Long-term asset retirement obligations

    $ 584,498